Westpac is rolling out a three-month support package that enables credit card users paying interest on their outstanding debt waived.

Under the same package, there will be no accruable interest on new purchases or cash advances, no interest charges to existing debts, and there will also be no requirements to make repayments over the period.

After the three months, minimum payments and interest incurred will resume - customers will still be able to use their credit cards during the holiday as long as they haven't reached their credit limit.

Eligible customers include those that have lost their income or job, or have faced reduced hours as a result of COVID-19.

It's important to note the support measures won't be available to people who have already applied for financial hardship assistance on the same account.

Westpac is the first major bank to introduce a pause on interest payments, while other banks have reduced minimum payments, which still incur interest charges on outstanding balances.

It's not yet known if interest will be capitalised, something many customers taking mortgage holidays are facing.

Westpac currently has a plethora of credit card products on offer, with the lowest interest rate available belonging to the Westpac Lite product at a 9.90% p.a. purchase rate, with a 45-day interest-free period.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
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Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
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02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly
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Online Savings - Premium Saver

  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly
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010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
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Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
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020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account (<$100k)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver

      01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Virgin Money Boost Saver

        01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Bonus Saver Account

          01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Bonus Saver

            0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            mySaver

              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Simple Saver

                4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Netsave Account

                  3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Online Savings Account

                    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    HSBC Everyday Savings Account

                      0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Incentive Saver Account

                        4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Bankwest Easy Saver

                          0502$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bonus Saver

                            0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Incentive Saver Account

                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Growth Saver Account

                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 23, 2024. View disclaimer.

                                Important Information and Comparison Rate Warning